New Delhi (ABC Live); India Global Competitiveness Ranking : India indexed at 40th place in WEF Global Competitiveness Report released on September 26, 2017.
India stabilizes its position on 40th place this year after its big leap forward of the previous two years.
The India Global Competitiveness Ranking improves across most pillars of competitiveness, particularly infrastructure (66th, up two), higher education and training (75th, up six), and technological readiness (107th, up three), reflecting recent public investments in these areas.
Performance also improves in ICT indicators, particularly Internet bandwidth per user, mobile phone and broadband subscriptions, and Internet access in schools.
The quality of institutions has increased further, especially in terms of efficiency of public spending (20th), but the private sector still considers corruption to be the most problematic factor for doing business in India.
Most problematic factors for doing business in India are as under;
- Access to financing
- Tax rates
- Inadequate supply of infrastructure
- Poor work ethic in national labor force
- Inadequately educated workforce
- Government instability/coups
- Inefficient government bureaucracy
- Foreign currency regulations
- Restrictive labor regulations
- Crime and theft
- Poor public health
- Tax regulations
- Insufficient capacity to innovate
- Policy instability
Competitiveness is defined as the set of institutions, policies and factors that determine a country’s level of productivity.
The level of productivity, in turn, sets the level of prosperity that can be reached by an economy. Since 2005, the World Economic Forum has based its competitiveness analysis on the Global Competitiveness Index (GCI), a comprehensive framework that measures the microeconomic and macroeconomic foundations of national competitiveness, grouped into 12 categories.
To produce The Global Competitiveness Report, as well as other regional and industry benchmarking reports, the World Economic Forum relies on a large set of data sourced from international organizations such as the World Bank, the United Nations and the International Monetary Fund, and from its own annual Executive Opinion Survey.
The Survey captures invaluable information on a broad range of economic and social factors, for which data sources are non-existent, too scarce, unreliable, or outdated. In 2017, the Survey captured the opinions of over 14,000 business executives.